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SOURCE The Conference Board
Virtual Press Briefing to Be Held on Wednesday, February 26 at 1 pm EST
NEW YORK, Feb. 25, 2014 /PRNewswire/ --
WHO:The Demand Institute, a non-advocacy, non-profit think tank jointly operated by The Conference Board and Nielsen, whose mission is to strengthen the growth and vitality of the global economy by helping public- and private-sector leaders align strategies and investments to where consumer demand is headed across industries, countries and markets.
WHAT: A comprehensive new report "A Tale of 2000 Cities" will be released tomorrow. It examines the overall economic health and wellbeing of American communities primarily through the lens of housing market dynamics, since housing is often a family's most valuable and visible economic asset. The report is the result of an 18-month intensive research program that included an analysis of 2,200 cities and towns in America coupled to in-depth interviews with 10,000 U.S. consumers.
KEY FINDINGS: According to the report –
The top 10 percent of communities hold 52 percent of housing wealth
Fifty percent of American communities are struggling to find their way forward after the Great Recession
Double-digit increases in the price of U.S. homes in the past two years are not indicative of future trends. They were largely driven by investors buying up swaths of distressed homes to meet growing rental demand
Over the next five years, home prices will accordingly grow at a much slower rate. The Demand Institute forecasts existing single-family median home prices will grow at an average annual rate of 2.1 percent between 2015 and 2018 as supply and demand move into a sustained equilibrium
There will be significant variations among all 50 states and the largest 50 metropolitan areas in the next five years. Price rises will be more than three times greater in the strongest markets than in the weakest ones
There are opportunities for national and local policy makers to support and amplify success stories from the strongest and most vibrant communities, while simultaneously considering interventions to strengthen struggling communities
WHY: The findings offer insight into both the health of the country's communities and the health of the U.S. housing market to help government and business leaders shape policies, strategies, and investment decisions.
INTERVIEWS: The main authors and researchers of the report will be available to share an overview and answer media questions.